San Fernando Valley home sales and prices increased sharply in February after a slow start to the year, reflecting both continuing low interest rates and the traditional spring uptick in sales activity, according to a Southland Regional Association of Realtors report released on Monday. There were 345 homes that changed hands during the month, up 7.8 percent from a year earlier and 12.4 percent over the prior month. Median prices rose 10.5 percent to $525,000 from a year earlier. However, the activity came despite a limited supply of properties on the market. There were 1,393 active listings at the end of the month, down 1.8 percent from a year ago. That amounts to a supply of less than three months, which tends to give sellers an upper hand in deals. “We’re seeing keen interest from prospective buyers,” said Gaye Rainey, president of the Van Nuys group in a statement. She added foot traffic was heavy at open houses during the month. In the Santa Clarita Valley, median home prices jumped 11.5 percent from last February to $490,000. That price represented a rise of 2.1 percent from January and tied two other months – last August and September – as the second-highest monthly median for the region since the recession, the report said. Realtors in the northern L.A. County area say inventory dropped 1.8 percent to 532 active listings, a 2.8-month supply that falls well short of the desired six-month inventory that indicates a market in equilibrium. And while demand was on the rise, there were only 47 condominium sales in Santa Clarita in February, largely due to the limited inventory – particularly in affordable price ranges. The condo sales total was down 21.7 percent from a year ago and 17.5 percent below January.
